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Tag "Equities"

The autumn hard vs. soft landing puzzle

The autumn hard vs. soft landing puzzle

🕔08:59, 27.Sep 2022

CROSS ASSET Investment Strategy  While a global recession may be avoided, we are likely to see growth deceleration and high inflation (higher cost of living) along with regional divergences. Thus, investors should consider moving to a more cautious stance on

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Global Asset Allocation: The View From Europe

Global Asset Allocation: The View From Europe

🕔12:30, 26.Sep 2022

It Fooled You Once​… Coming out of the annual Jackson Hole meeting, Fed Chairman Jerome Powell’s speech, unsurprisingly, had a strong tone reinforcing the Fed’s intention to fight inflation at any cost, a 180-degree reversal of his ‘inflation is transient’

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Why research is so critical when it comes to investing in China

Why research is so critical when it comes to investing in China

🕔10:27, 26.Sep 2022

Key takeaways Chinese equities have had a volatile 2022 so far as the country has had to navigate COVID-19 restrictions, property debt concerns and supply chain constraints among many other headwinds China is becoming an increasingly selective market that requires

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Is Value Just an Interest Rate Bet?

Is Value Just an Interest Rate Bet?

🕔10:20, 21.Sep 2022

It seems obvious to so many that interest rates drive the value trade.1 After all, growth stocks2 have much longerdated cash flows than value stocks and thus should be a “longer duration” asset and move more with longer-term interest rates,

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Impact investing in listed equities

Impact investing in listed equities

🕔16:46, 19.Sep 2022

Impact investing originated in philanthropy and started from a need to close a funding gap in private markets. This to a certain extent explains why the traditional purist definition of impact investing remains constrained to certain asset classes. The landscape

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Barometer: Zomerrally is al een verre herinnering

Barometer: Zomerrally is al een verre herinnering

🕔14:19, 12.Sep 2022

Een zachte landing van de wereldeconomie lijkt steeds onwaarschijnlijker. Dat betekent dat risicovollere activaklassen nog verder kunnen dalen. De stijging van de aandelenmarkten die begon met de hittegolf deze zomer is volgens ons voorbij. Vanaf nu zullen de omstandigheden waarschijnlijk

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Finding a Bottom in Equities

Finding a Bottom in Equities

🕔13:13, 8.Sep 2022

In this note, we provide some historical context to equity bear markets, explore the size of equity drawdowns during economic recessions and analyze the key factors driving the severity of equity drawdowns. Most importantly, we try to answer the question:

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Positive correlation not necessarily negative for equities!

Positive correlation not necessarily negative for equities!

🕔12:08, 8.Sep 2022

In the last century, the correlation of equities to bonds was positive; in recent decades, however, it has been negative. Currently, though, it is rising again; a correlation of less than +0.5 is positive for equities, although it results in

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Why Fundamentals Matter

Why Fundamentals Matter

🕔14:06, 7.Sep 2022

"If there is nothing to compare, there is nothing to criticize."  Share prices and investors’ interest in fundamentals often have an inverse relationship over shorter timeframes.  In speculative periods when stock pricessoar, investors frequently ignore the underlying earnings, balance sheets,

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Do public equities have a role to play in impact investing?

Do public equities have a role to play in impact investing?

🕔09:05, 5.Sep 2022

Impact Investing In terms of asset class, impact investing has traditionally been associated with private capital. Public equities make up just 17% of the USD 502 billion in assets managed in impact strategies1 , a negligible amount compared with the

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Rising Risk of Recession

Rising Risk of Recession

🕔16:33, 2.Sep 2022

May’s reprieve proved short-lived as recession joined inflation fears pushing equity/bond prices lower in June. Concerns have risen as the increasingly hawkish Fed rhetoric at its June meeting suggests a willingness to trade rising …

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Betere manieren om de wereld te voeden

Betere manieren om de wereld te voeden

🕔09:58, 2.Sep 2022

Voedselzekerheid is door de Oekraïnecrisis een nog urgenter wereldwijd probleem geworden. Beleggers kunnen helpen om oplossingen te bedenken – van boer tot bord. De forse stijging van de voedselprijzen en de bevoorradingsproblemen, die nog verergerd werden door de Russische invasie

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The persistence of dividend growers

The persistence of dividend growers

🕔10:39, 26.Aug 2022

The return of inflation and macroeconomic uncertainty is shaking up equity market leadership. We caught up with Grant Cambridge to discuss why including dividend growers as part of a wider portfolio could help investors dampen these risks, and how 25

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Value Spreads Are Back to Tech Bubble Highs: Is Everyone Out There Cray-Cray?

Value Spreads Are Back to Tech Bubble Highs: Is Everyone Out There Cray-Cray?

🕔16:39, 23.Aug 2022

Cliff’s Perspective This adds another three months of data to the May entry in our series of value spread updates. Over the past two months, some portion of the market went temporarily (I hope) insane, punishing value, as we measure

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Dipping a Toe in the Water

Dipping a Toe in the Water

🕔11:22, 23.Aug 2022

EXECUTIVE SUMMARY The almost 25% market selloff has removed the S&P 500’s overvaluation, but we are still not at levels generally observed at bear market bottoms. Roughly one-third of our Bear Market Bottom Checklist has triggered. After being outright bearish

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Global Asset Allocation: The View From Europe

Global Asset Allocation: The View From Europe

🕔14:08, 22.Aug 2022

Market Themes Whatever It Takes 2.0 Keep On Smiling

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The benefits of multi asset strategies in an inflationary environment

The benefits of multi asset strategies in an inflationary environment

🕔10:40, 22.Aug 2022

Investors are witnessing unprecedented market conditions. Within a turbulent market environment charaterised by a high inflationary pressure, a shift from global to “glocal” trade patterns and a fading era of cheap energy, how can an active and agile multi asset

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Impact of the rise in commodity prices on EM equities

Impact of the rise in commodity prices on EM equities

🕔10:05, 20.Aug 2022

A further rise in commodity prices is a key channel through which the conflict in Russia/Ukraine might affect the rest of EM. If the commodity price increase is sustained, some EM countries may suffer from a deterioration in the terms

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Maintaining a cautious tilt

Maintaining a cautious tilt

🕔14:08, 17.Aug 2022

Bad news was good news in July. With recession risks becoming more imminent especially for Europe, markets priced in an earlier easing of monetary policy. For the US, rate cuts are priced in as early as end of Q1 2023.

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Outlook on Emerging Markets

Outlook on Emerging Markets

🕔12:44, 15.Aug 2022

Summary High inflation, aggressive monetary tightening, and the potential for recession are all global fears. However, for many emerging markets countries, navigating a recovery means taking a clear course of action: keep inflation under control at the risk of slowing

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Stock-Bond Correlation: A Global Perspective

Stock-Bond Correlation: A Global Perspective

🕔14:46, 9.Aug 2022

Stock-Bond Correlation Synchronicity Looking across six DMs (Australia, Canada, Germany, Japan, UK, and US), we observe that changes in local currency stock-bond correlations are synchronized (Figure 1).2 Indeed, the correlation of DM local currency stock-bond correlations with US stock-bond correlation

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Crude oil and the transition – the coming price spike

Crude oil and the transition – the coming price spike

🕔08:28, 9.Aug 2022

Where is the Low in US Stocks?   In a recent piece, I suggested the PE on the S&P 500 had another 1-2 points to lose, so two things now matter most. The E in PE is one factor and, on that score, the outlook is not

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Global Asset Allocation: The View From Europe

Global Asset Allocation: The View From Europe

🕔12:41, 3.Aug 2022

Market Perspective Inflation concerns remain at the forefront for central banks and investors as global growth continues to trend lower amid supply disruptions, geopolitical challenges and reduction of liquidity, setting the stage for a challenging macro backdrop. The US Federal

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Factorbeleggen aandelen

Factorbeleggen aandelen

🕔10:27, 3.Aug 2022

Wisselend beeld voor factoren in turbulent eerste kwartaal Aandelenmarkten startten het jaar met forse verliezen. Voornaamste redenen zijn het verkrappende monetaire beleid van de belangrijkste centrale banken om inflatie te bestrijden en de Russische invasie in Oekraïne. Value, momentum en

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Taking chips off the table but staying in the game

Taking chips off the table but staying in the game

🕔12:56, 2.Aug 2022

Voya Multi-Asset Perspectives | 3Q22 It was a bruising first half of the year for financial market participants, with U.S. and global stocks entering bear market territory while core bonds, generally considered “safe-haven” assets, declined by double digits. Russia’s war

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Finding a Bottom in Equities

Finding a Bottom in Equities

🕔15:39, 28.Jul 2022

In this note, we provide some historical context to equity bear markets, explore the size of equity drawdowns during economic …

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From pain to gain

From pain to gain

🕔14:01, 27.Jul 2022

In our previous outlook, we encouraged investors to tune out “noise” and focus on “signal” — economic and asset class fundamentals evidenced in hard data. We continue to endorse this approach, but acknowledge that even the most diligent followers of

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A case for active non-U.S. small-cap equity

A case for active non-U.S. small-cap equity

🕔19:05, 26.Jul 2022

In this paper, we offer quantitative analysis that builds a case for a long-term allocation to non-U.S. small-cap equity. We are often asked by consultants and institutional investors why they should allocate to non-U.S. small-cap strategies. Conventional wisdom is that

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Play the desynchronization of the cycle

Play the desynchronization of the cycle

🕔16:34, 26.Jul 2022

CROSS ASSET Investment Strategy: The current repricing is a reminder of a regime shift in which stagflationary concerns are becoming prominent. Investors should move towards quality segments in credit and equities, and aim to benefit from the regional divergences that

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Now what? What’s next for tech

Now what? What’s next for tech

🕔10:23, 21.Jul 2022

Valuations were simply not sustainable The first half of 2022 was anything but pleasant for investors, especially those with exposure to the technology sector. Tech stocks across global markets experienced violent sell-offs, and tech indexes are now firmly in bear

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Schroders Equity Lens – Q3 2022

Schroders Equity Lens – Q3 2022

🕔14:19, 19.Jul 2022

Global equities fell in Q2, extending year-to-date declines. The MSCI World Index returned -16.2% in Q2, taking the YTD fall to -20.5%. The market backdrop remained dominated by concerns over higher inflation, rising …

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Cloudy with a chance of recession

Cloudy with a chance of recession

🕔10:57, 19.Jul 2022

The slump in global equities deepened in the second quarter of 2022 as concerns about a recession replaced fears of high inflation and an escalation of the war in Ukraine seemed less likely. The US Federal Reserve has maintained its

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Barometer: Goedkoop, maar niet goedkoop genoeg

Barometer: Goedkoop, maar niet goedkoop genoeg

🕔08:30, 19.Jul 2022

Zelfs als de aanhoudende sell-off op de aandelenmarkten de waarderingen naar niveaus brengt die niet stroken met de fundamentals, zijn er goede redenen om onderwogen te blijven in aandelen en hoogrentende obligaties.

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Repositioning to a circular economy

Repositioning to a circular economy

🕔08:33, 13.Jul 2022

With today's stressed supply chains and elevated commodities prices, the chart below is food for thought. It shows that …

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The Stock/Bond Correlation

The Stock/Bond Correlation

🕔12:42, 11.Jul 2022

Drivers and Implications The relationship between stock and bond returns is a fundamental determinant of risk in traditional portfolios. For the past two decades the stock/bond correlation has been consistently negative, and investors have largely been able to rely on

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Top Quality

Top Quality

🕔14:47, 7.Jul 2022

That last two years have been tumultuous to say the least, with a seemingly unending onslaught of challenges (COVID-19 chief among them) impacting economic activity and general daily life. Interestingly, however, forward-looking financial markets have largely been able to take

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Making a Plan for Better Days

Making a Plan for Better Days

🕔10:40, 4.Jul 2022

EXECUTIVE SUMMARY Heading into the year, we were bearish and guessed the Fed Put sat between 3,800-4,000. PostUkraine, the strike price is lower. As we began preparing for the 2022 bear market last August, today, we introduce a 10-factor watchlist

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Contained EM inflation and higher real yields suggest relative value in local markets

Contained EM inflation and higher real yields suggest relative value in local markets

🕔08:30, 2.Jul 2022

The recent surge in commodity prices has amplified the acceleration in inflation that we have been seeing globally, arising from disruption to global supply chains caused by the pandemic. Expectations just a few months ago were that the drivers …

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Maintaining a cautious tilt

Maintaining a cautious tilt

🕔14:40, 28.Jun 2022

Thanks to a month-end rally, global equities ultimately posted relatively flat returns for the month of May. It was a volatile month for global bonds, too. Yields initially spiked higher, with the 10-year US Treasury yield peaking at 3.2%, while

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Starting to Price an Economic Slowdown

Starting to Price an Economic Slowdown

🕔12:28, 28.Jun 2022

May provided a reprieve for investors as a late-month rally in both equities and bonds recouped much of the losses seen early in the month. Economic surprises in the US began to miss consensus expectations in May with a sharp

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Secular Outlook June 2022

Secular Outlook June 2022

🕔10:48, 27.Jun 2022

Overview It gives me great pleasure to introduce our ninth Secular Outlook. T he next five years will be an uphill struggle for investors. High public and corporate debt levels, labour shortages, potential tax hikes and increased levels of state

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The case for emerging market small-cap equities

The case for emerging market small-cap equities

🕔17:29, 15.Jun 2022

In today’s environment, small-capitalization stocks in emerging markets (EM) offer compelling reasons for consideration. We believe this universe has big potential, may deliver consistent returns, and can provide diversification in portfolios. The case for active management in this space is

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A time for dividends to shine

A time for dividends to shine

🕔10:09, 14.Jun 2022

The past decade has been an exceptionally profitable period to be invested in global equity markets, with the MSCI AC World Index averaging 10.6% per annum in the 10 years to 31 March 2022*. Solid GDP growth, low interest rates

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Barometer: Voorzichtigheid is de moeder van de porseleinkast

Barometer: Voorzichtigheid is de moeder van de porseleinkast

🕔10:27, 13.Jun 2022

De stijgende reële rentevoeten en de bezorgdheid over de vooruitzichten voor de wereldeconomie wegen op onze vooruitzichten voor aandelen, wat ons ertoe aanzet onze allocatie naar onderwogen te verlagen Activatoewijzing: een zenuwoorlog Inflatie Oorlog COVID Deze eisen elk hun tol

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Gauging Direct and Indirect Exposures to the Outbreak of War

Gauging Direct and Indirect Exposures to the Outbreak of War

🕔14:32, 9.Jun 2022

The ongoing conflict in Ukraine offers lessons for navigating the effects of future crises on equity portfolios. Beyond the more obvious dynamics, we have observed that U.S. stocks have other forms of direct and indirect exposures to this conflict. These

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Why I like Chinese equities

Why I like Chinese equities

🕔14:25, 1.Jun 2022

Chinese equities have recently outperformed other regions (while bonds have done the reverse). We ask whether this is a dead-cat bounce or the start of a new trend. There are many worries about Chinese stocks but we suspect a lot

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ESG in de Praktijk Eric Borremans over duurzaam beleggen

ESG in de Praktijk Eric Borremans over duurzaam beleggen

🕔12:48, 1.Jun 2022

De bedrijven van morgen moeten rekening houden met hun werknemers en klanten, het milieu en de maatschappij – en wij moeten de juiste tools hebben om ze te analyseren, zegt Head of ESG Eric Borremans. Hoe hebben duurzame effecten gepresteerd

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Bringing balance back to capitalism: the next decade

Bringing balance back to capitalism: the next decade

🕔10:12, 1.Jun 2022

Since the 1980s, the global economy has been fuelled by an asymmetric capitalism. Significant interventions by governments (fiscal policy) and central banks (rates and QE), particularly during the Covid pandemic over the last two years, have resulted in disparity of

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Markets Continue to Discount That the Fed Will Achieve a Soft Landing; Is That Likely?

Markets Continue to Discount That the Fed Will Achieve a Soft Landing; Is That Likely?

🕔08:42, 1.Jun 2022

Earnings are priced in to keep rising while inflation is priced in to fall. It rarely works out that way. US equities are down about 10% so far this year, but until the last couple of days, this was driven

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Globalisation: the reports of its demise are greatly exaggerated

Globalisation: the reports of its demise are greatly exaggerated

🕔22:28, 31.May 2022

Are we witnessing the end of globalisation or are reports of its demise greatly exaggerated? Talha: Globalisation is the process of growing interdependence between the global economies as measured through cross-border trade, finance, information and migration flows. Historically, globalisation has

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